CCNN Grows Profit By 118.5% In Q3
By UMORU ABDULKADIR
The Cement Company of Northern Nigeria Plc (CCNN) has reported a profit after tax (PAT) of N8.7 billion indicating 118.5 per cent rise over N4 billion of the corresponding period in 2018.
The company in its unaudited financial statement for the third quarter of the year noted its profit before tax (PBT) of N11.6 billion was up from N5.7 billion posted the corresponding period of 2018. This represents a 104 per cent increase
The company’s revenue for the period in consideration grew to N42.5 billion, signifying a 117 per cent increase when compared with N19.6 billion earned in revenue by the company in the previous period.
CCNN’s operating costs during the period was N24 billion as against the N10.9 billion of the same period last year. This represents a 119.7 per cent increase.
In the same vein, marketing and distribution expenses also rose during the period in focus. While the distribution costs increased to N 2.6 billion higher than the N965.2 million in the period before, the administrative expenses rose to N4.2 billion when compared to N1.9 billion of the corresponding period of 2018.
CCNN earnings per share attributable to shareholders stood at N0.67 compared to N3.19 of the same time in 2018.
Cement Company of Northern Nigeria Plc is engaged in the manufacturing and sales of cement to the general public. CCNN also engaged in the production and marketing of cement under the brand name, Sokoto Cement.
The Company produces CEM II type of cement. Sokoto Cement is used for various construction purposes in Nigeria, which include block-making, plastering and concrete works.
The Company’s market area covers approximately six states of the North-West Zone, including Sokoto, Kebbi, Zamfara, Katsina, Kano and Kaduna. The Company is also a supplier within its geographical market area.
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